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No nation can develop without respect for rule of law —- AfDB president

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No nation can develop without respect for rule of law —- AfDB president

Dr. Akinwunmi Adesina, president of the African Development Bank, says that any nation that does not respect and uphold the rule of law will never be able to develop.

Adesina said this while delivering a lecture at the 51st Annual Accountants Conference in Abuja on Tuesday.

According to him, any country that does not respect the rule of law will only fall into chaos.

The president said there is a direct and strong correlation between the rule of law and investment.

“Think about it, who would want to invest in a place where there is no rule of law, respect for individual rights, freedom of expression and freedom of association?

“Who would want to invest in a place where there is no protection of property, copyright and patents and rights to acquire and legally dispose of assets?” Adesina asked.

According to him, the Gross Domestic Product (GDP) not only grows, it grows due to economic activities and economic activities prosper where there is a rule of law.

Adesina also stressed the need for African leaders to invest in and use youth as a potent force for national development.

“Forgotten, undervalued and underused, many young people today have a high level of distrust towards governments, which we must change.

Just think of the numbers and the implications. Today, about 60% of the 1.2 billion people in Africa are under 25 years of age.

“We must prioritize youth because what we do with and with our youth will determine our future. We maintain our positions of trust for the present and future generation ”.

According to him, Nigeria has a great asset for young people, but they will simply remain illiquid until their potential is fully unlocked.

The president of the African bank said that we must therefore invest in our youth, adding that we must earn their trust and place our trust in them, the nation’s best assets.

He said it was to this end that the bank was exploring with countries, including Nigeria, the establishment of “Youth Entrepreneurship Investment Banks” for young Africans.

Adesina said that the bank would be operated by Africans and would provide long-term fiction that would help unlock the entrepreneurial potential of African youth, and said that “we must see the future and build it from today.

Source: NAN

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